The latest surveys reveal that single family renters, not homeowners, are the most satisfied demographic in the home market. Research suggests that, overall, renters are happier than homeowners. Over half of all rental units in the U.S. are single family rentals; the industry has grown by over 20% since 2005, adding 4 million units. Now here’s the million dollar question: What makes these renters so happy? And how can you keep your renters happy?
Property Management Promotes Tenant Satisfaction
One of the latest surveys examining renter satisfaction showed that 80% of these satisfied renters are happy with their property managers. Good property management can improve the renter’s experience in many ways, and ultimately helps define the lifestyle that renters love. Many of the primary maintenance responsibilities homeowners would usually face are taken up by a property manager, things like maintenance, servicing, and dispute resolution. This could mean the difference between having a renter and having a vacant lot.
Simplifying the Owner’s Job
If you own a lot and are trying to rent out your units, a property manager can make your job much easier. Here are a few of the tasks they can handle:
Marketing. This helps you find the right tenants that will stay long term.
Screening. This makes sure your tenants don’t bring trouble your way!
Collecting rent. They help you get your payments. Enough said?
Interacting with tenants. They keep your tenants happy.
Maintaining and updating your lot. This keeps your price, styles, and features competitive.
Without proper management in place, rentals often suffer long vacancies, poor maintenance, high turnovers, all as landlords struggle to make tenants pay rent. Some lots are located in areas with high demand, near colleges or large corporations, but they fail to capitalize on this opportunity due to poor marketing. Others are located in low demand locations. These generally struggle to find the right tenants. In any of these situations, professional marketing services from a property management company can be highly beneficial. Most of what a property manager does is aimed towards simplifying the owner’s job, increasing the number of renters and the amount of rent collected, and keeping clients satisfied overall.
Property Management Helps Increase the Value of Your Lot
Whether it’s maintenance, upgrading, bookkeeping, or simply better advertising, one of property management professionals primary objectives is to increase the value of your lot, and subsequently your rents. Property managers can work with your budget to find expenses to cut, consolidate, or eliminate to save money. They can also make recommendations on internet or cable provider changes, installing vending machines, remodeling public areas, and a variety of other decisions that can lead to higher value units. Property managers work directly with the landscapers, painters, electricians, and others to build value and increase revenues.
If you are interested in learning more about our services, please contact us today to get in touch with one of our professional property managers. We serve many areas in Washington state, including the Seattle and Bellevue area.
If you’re still not convinced you need to hire a property manager, this flow chart could be of some assistance. Courtesy of AppFolio, an online property management software company. They develop software with a goal of improving manager’s efficiency and effectiveness. They also create software for lawyers and CFOs of small to mid-sized businesses.